Velo Energy names three new directors to board

2009-08-19 13:15 ET - News Release

Mr. Arthur Millholland reports

VELO ENERGY INC. ANNOUNCES BOARD APPOINTMENTS

The board of directors of Velo Energy Inc. has made several changes to its board and senior management team. Effective immediately, Arthur Millholland, William Smith and Gareth Noonan have been appointed to Velo Energy's board of directors. They replace Charanjit Hayre, Tony Chan and Wan Jung, who tendered their resignations simultaneously to the appointments in order to facilitate the company's new strategic direction. The board wishes to thank Mr. Hayre, Mr. Chan and Mr. Jung for their past service to the company. Donald Gee remains as a director.

The company also announces that Mr. Noonan has been appointed as chief financial officer, Mr. Smith has been appointed as executive vice-president and Aleksandra Owad has been appointed as chief accounting officer. Mr. Noonan has worked in the financial industry for the past 11 years, most recently with Merrill Lynch & Co. Inc. in London, England. Mr. Smith and Ms. Owad served in the same roles previously with Oilexco Inc.

We seek Safe Harbor.